Benjamin M. Lawsky, New York Superintendent of Financial Services, issued the following statement today.

"The New York State Department of Financial Services ("DFS") and Standard Chartered Bank ("Bank") have reached an agreement to settle the matters raised in the DFS Order dated August 6, 2012. The parties have agreed that the conduct at issue involved transactions of at least $250 billion.

"The settlement also includes the following terms:

The Bank shall pay a civil penalty of $340 million to the New York State Department of Financial Services.

The Bank shall install a monitor for a term of at least two years who will report directly to DFS and who will evaluate the money-laundering risk controls in the New York branch and implementation of appropriate corrective measures. In addition, DFS examiners shall be placed on site at the Bank.

The Bank shall permanently install personnel within its New York branch to oversee and audit any offshore money-laundering due diligence and monitoring undertaken by the Bank.

The hearing scheduled for August 15, 2012 is adjourned.

"We will continue to work with our federal and state partners on this matter."